BNP Paribas Securities Services has completed the migration of its clients’ assets from Citibank Sao Paulo to Banco BNP Paribas Sao Paulo with an effective date of Dec 12 2011. The transfer of 4 billion of AuC follows the French securities services provider’s launch of operations in Brazil in June last year.
BNP Paribas had been offering complementary custody services to Brazilian clients for many years through its Investment Partners business. The BNP Paribas Securities Services operation is the first official custody provider for the group, based in Sao Paulo.
BNP Paribas Securities Services is yet to announce a replacement for Marcia Rothschild, the former head of securities services in Brazil who left the bank in August 2011 to join Citigroup as head of Latin American securities and fund services business. In the interim, that role is being carried out by both head of Operations Claude Le Gall and head of Sales Antonio Nascimento.
BNP Paribas Securities Serivces intends to open an office in America next year, Global Custodian has learned.
(JDC)